Japan witness a rally in its retail sales for 9 consecutive months supported by swarm of tourists in November
For nine months in a row, the retail sales in Japan saw a surge according to the released figures on Tuesday, as the consumer demand has been boosted by the softened Covid-19 restrictions for the inbound travellers.
Retail sales slipped 1.1% in November compared to the earlier month, the surge in the prices of the essentials affected the consumers in Japan as the nation's core consumer inflation rate touched its highest rate in 40 years which manifest that the prices jumped on a broader scale.
The private consumption which dominates most of the Japanese economy and considered as a critical factor for the economic growth rebounded post unpredicted slip in the Q3.
An advance in the retail sales by 2.6% compared to the previous year and lower than projections at 3.7%. While the pace of sales annual growth which is considered the main gauge of private consumption slipped from 4.4% in October and 4.8% in September.
Last week's figures demonstrated that the Japan visitors in November stagged a big rally almost near 1 million.
The Japanese government took an initiative earlier in October aiming to support the tourism in the country that has been hurt the past couple of years during the tense period of the pandemic.